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Bill to end mandatory arbitration faces steep climb in Senate
Democrats back the legislation, but Republicans are united against it. While the measure was passed by a House committee, an advocate calls winning congressional approval a 'Herculean task.'
Finra moves toward hybrid arbitration hearings
The regulator is considering how to utilize in-person and remote participation to capture 'the best of both worlds,' CEO Robert W. Cook said.
Industry, investor advocates differ on NASAA’s unpaid arbitration model rule
Generally, financial industry groups encouraged state regulators to narrow the measure, while advocates want them to expand it.
PIABA: Unpaid arbitration awards increased in 2020
The problem has continued its upward trajectory, said the lawyers organization, since releasing its first report in 2016.
Florida broker to pay ex-wife $2.6 million in Finra arbitration claim
The broker, Barry Snyder, was 'hooked' on a hamburger chain stock, says the ex-wife's attorney,
Woodbury, Hartford on hook in $100,000 claim after stepson steals from stepdad
Advisory firms for years have continued to be plagued by imposters seeking access to clients' accounts.
Morgan Stanley liable for trading Apple stock without customer’s consent
The three-person, all-public panel awarded the investor $640,747, mostly in compensatory damages, but denied punitive damages, according to a Finra arbitration award.
Finra arbitrators order Pershing to pay $648,543 to Stanford Ponzi victims
The ripped-off investors allege Pershing looked the other way when it serving as custodian and clear agent for the fraudster.
Time to rethink forced arbitration
Ending mandatory arbitration has become a top priority for consumer advocacy groups, like the Public Investors Advocate Bar Association and others, that claim investors should have the option of laying out their case before a judge or jury.
Finra resumes in-person arbitration nationwide
The organization will reopen hearings on Aug. 2 in seven jurisdictions that had remained closed. Finra postponed in-person arbitration hearings when the pandemic began in March 2020.
Finra withdraws expungement reform proposal
The measure, which would have established a special roster of arbitrators to hear broker requests to clear their records, was criticized by PIABA as being too limited to address the problem.
UBS ordered to pay $4.8 million over Puerto Rican bond sales
The wirehouse disputes the damages and asserts the case is not indicative of how other arbitration panels may rule on the investment products.
Finra set to resume in-person arbitration hearings
Finra will reopen 62 of its 69 hearing locations in July, while allowing arbitration parties to continue to request remote proceedings. Even if in-person proceedings are allowed, Finra said arbitration parties can still continue to request a remote hearing.
Finra suspension of in-person arb hearings harms investors, PIABA says
The regulator has extended its postponement of in-person arbitration proceedings through July 2, but says it expects to resume normal proceedings in some locations as coronavirus vaccinations increase.
Bills to end mandatory arbitration introduced in House, Senate
The Securities Industry and Financial Markets Association opposes the bill, saying arbitration 'promotes fair, efficient, and economical dispute resolution for all parties.'
Interactive Brokers, Schwab plan to fight $4.6 million arbitration award
The companies are concerned about bias on the arbitration panel. But an attorney for the claimants said the two failed to warn investors of red flags detected in their accounts.
Gensler quizzed on climate disclosure, mandatory arbitration in confirmation hearing
The focus on the climate and finance at the hearing likely was a harbinger of the priority the SEC will place on environmental, social and governance investing under Gensler. But Reg BI was ignored.
Warren presses Finra to review whether forced arbitration harms Robinhood customers
'Investors harmed by Robinhood’s trading restrictions should be able to argue their case in court, rather than in closed-door proceedings that are too often rigged against claimants,' Warren wrote in a letter to Finra CEO Robert W. Cook.
Finra arbitrators order J.P. Morgan, former brokers to pay $19 million
A retailing matriarch won the decision against her grandsons, who invested her money in complex products. J.P. Morgan and the grandsons were also found liable for elder abuse under Florida law.
In first, B-D that sold GPB private placements loses arbitration
The first investor arbitration claims involving the products have been decided over the past few months, but the claim against Arete Wealth Management appears to be the first substantial win for investors against a broker-dealer.
